Tommy Dobczyk evaluates an industrial yard deal in Phoenix. The real risk isn't competition or vacancy, it's overpaying. He stresses pricing the asset so tenants see value, and notes a prior deal room discussion confirmed the price is reasonable.
Are you in the deal room? Competition in this area, okay, there is a competition to it, right? So the biggest vacancy risk for this deal is not, is Phoenix Industrial dead? It's whether the yard is priced too high. So we gotta, we gotta find a way to price it in a way that people find value in being there. So the bottom line answer is, do you— I do not think that this location where vacancy should scare you off. I do think it's a location where buying too high should scare you off. And we discovered this is not a high buy. Like, we had deal, we had deal room on this one, didn't we? I'm almost positive of it.
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